accounting, is a correcting entry required?

Question

1. a 69$ debit to the withdrawals account was posted as 96$

2. A 100$ debit to cash in back was posted as 10$

3. After posting a 75$ credit to creditors account, the account balance was incorrectly calculated.

4. A 25$ debit to the store supplies account was posted as credit.

Is a correcting entry required for any of these?
thanks ;)

Answer 1

1. a 69$ debit to the withdrawals account was posted as 96$
If both cash and withdrawals a/cs were posted wrongly, your correcting entry:
Dr Cash 27
Cr Withdrawals a/c 27

2. A 100$ debit to cash in bank was posted as 10$
Is only the cash in bank a/c wrong? If the credit entry was correct, you only need to correct the $10 to $100 in the cash in bank a/c and change the total in that a/c.

3. After posting a 75$ credit to creditors account, the account balance was incorrectly calculated.
If it was an addition error, just write the correct total a the end of the a/c and update the total in the trial balance if necessary

4. A 25$ debit to the store supplies account was posted as credit.
If only the store supplies a/c was wrong, just cancel the $25 on the credit side and write $25 on the debit side and do the additions again. But if another a/c was also affected, say, cash, then both would need to be corrected:
Dr Store supplies 50
Cr Cash 50

You didn't give enough details. You only need correcting entries if a pair of a/cs were wrong. If only 1 side was wrong, you don't need a correcting entry.

Answer 2

1. Yes, This is a transposition error.
Debit: Cash 27
Credit: Withdrawals 27

2. Yes. This is a transposition error
Debit: Cash 90
Credit: Accounts Receivable 90 - if applicable

3. No. You should re-compute for the correct account balance of the creditor.

4. Yes. This is an error in posting to the side of account.

Answer 3

Correcting entries are definitely required for #1, #2 and #4. #3 depends on the details. Does the creditor's account now show a debit balance?

Answer 4

NONE of those might impact the trial stability!!!! a million) The 2 hundred. became journalized and published to keep aspects somewhat of keep kit. in basic terms the debit get admission to became incorrect. The credit might have been to money or bills payable. as a result, impressive the debit get admission to to keep aspects. dr keep kit 2 hundred. (placed it the place it may well be) cr keep aspects 2 hundred. (take it out) 2) This became a errors in bills receivable. it might have been, bills receivable to Sarah James, yet became recorded as bills receivable to James Scott. The credit to expenses earned is actual. dr bills receivable 30. Sarah James (impressive acct.) cr bills receivable 30. James Scott (take it out) 3) the 5 hundred. might have been properly recorded as money. yet, expenses earned could have been credited. dr capital 500. (out) cr expenses earned 500. (in) We could anticipate that the only area of those entries this is erroneous is what the difficulty tells us! The area this is erroneous is what's stated!!!! to envision this, journalize and submit the unique magazine to a pair T bills. Then journalize your corrections and submit them. you will see that the trial stability is often in stability! I even have given you the counsel for the unique get admission to and the correction. sturdy success